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Facts about having Golden Visa - 10th is the most Fascinating

By Shivangi - 27 Jul 2021 Last Updated: 18 May 2022
Facts about having Golden Visa - 10th is the most Fascinating

The United Arab Emirates (UAE) introduced a new system called the Golden Visa in 2019, which grants long-term residency to investors, entrepreneurs, individuals with exceptional talents such as researchers, medical professionals, and those in the scientific and knowledge fields, as well as exceptional students. They will be able to live, work, and study in the UAE without the need for a national sponsor thanks to the UAE Golden Visa. The UAE has been advertising the 2019 amendment even more today to recruit foreign immigrants following the economic turbulence caused by the COVID-19 epidemic. Here's all you need to know about the UAE Golden Visa and how to apply for one.

How can I apply for a Golden Visa in the United Arab Emirates?

Those interested in applying for the UAE Golden Visa can do so through the Federal Authority for Identity and Citizenship — ICA (the eChannel for residence and citizenship) website or the ministry's General Directorate of Residency and Foreigners Affairs. Please keep in mind that the ICA only has online channels, whereas the GDRFA has both online and offline options. Candidates must submit all essential documentation and state that they are willing to relocate to the UAE in order to pursue their business endeavour.

Eligibility Criteria for the UAE Golden Visa

10-year Visa

Applicants must have a public investment of at least AED 10 million, either in the form of an Investment fund or a firm. However, real estate cannot account for more than 60% of the entire Investment. Neither the invested amount nor the lent amount may be borrowed. Investors must assume complete ownership of assets in this instance. In addition, the investor must be able to keep the investment for at least three years.

The 10-year visa may be extended to include business partners who are ready to contribute AED 10 million apiece. The holder's spouse and children, as well as one executive director and one advisor, can all be included on the visa. Individuals with specialised talent, such as doctors, researchers, scientists, investors, and artists, are also eligible to apply for the visa. Their ability to obtain a visa is contingent on the accreditations issued by their various departments and fields. Their spouses and children will be granted visas as well.

Individuals who have particular skills

Doctors, researchers, scientists, investors, and artists are among those included under the specialised talents group. Following accreditation from their respective departments and fields, these persons may be given a 10-year visa. Their spouses and children are also eligible for the visa.

5 Year Visa

Following are the persons eligible for 5 Year Visa Validity

Investors in real estate

The 5-year visa has many of the same conditions as the ordinary investor visa. The only difference is that the required investment amount is AED 5 million. Their dependents are likewise covered by the visa.

Entrepreneurs

Entrepreneurs can apply for a 5-year resident visa in the United Arab Emirates. Those who have a current project with a minimum capital of AED 500,000 or who have the approval of an accredited business incubator in the country are also eligible.

Entrepreneurs are granted a six-month multi-entry visa that can be renewed for another six months. The spouse and children, a partner, and three executives are all included in the long-term visa.

Outstanding Students

In the UAE, exceptional high school and university students can apply for a 5-year resident visa. Students from top high schools in the country (a minimum grade of 95%) and students with a GPA of 3.75 or above after graduation from specific colleges.

Read More: What is the Meaning of Dual Citizenship?

The Golden Visa for Business

Aside from the aforementioned, international nationals interested in establishing a business in the UAE can apply for permanent residency (5 years) under the Golden Business Visa scheme. To apply, simply go to the aforementioned electronic portal and complete the processes outlined above.

Entrepreneurs from all over the world who have started their own firm at least once in their lives are eligible to apply for the UAE Business Golden Visa. An qualified entrepreneur must meet the following requirements in order to get a UAE Gold Business Visa:

  • Authenticate their experience as a business owner.
  • Hold/have held majority ownership and/or a senior leadership position in a start-up.
  • Be willing to lawfully establish a business and migrate to the United Arab Emirates.
  • Have a business plan or ideas for starting a business in the UAE.

People with specific skills face a variety of challenges

To be eligible for residency, those in the above-mentioned specialised talent group must meet specific requirements.

The Emirates Scientists Council or winners of the Mohammed Bin Rashid Medal for Scientific Excellence must accredit scientists, whereas the Ministry of Culture and Knowledge Development must accredit creative people in culture and art.

Copyrights or scientific research published in a world-class journal must also be rewarded for exceptional talents.

Experts and doctors should have

  • Ph.D. from one of the world's top 500 universities.
  • Award or certificates of appreciation in the applicant's line of work.

Are there any other programmes in place to attract Overseas Residents?

The UAE has also allowed an amendment to its residence legislation that allows foreign university scholars to bring their families to the UAE if they have enough money, proper housing, and financial resources to sustain them.

Dubai additionally established an exclusive residency programme in October 2020 that allowed overseas working professionals who worked from home to live in the UAE while still serving their companies in their home country.

The Dubai government also announced in September the creation of a 5-year renewable Retirement Visa for immigrants aged 55 and up who choose to live in the emirate. The Retire in Dubai programme is open to all retirees who have a monthly income of at least $5,500, own a home in Dubai worth $550,000, or have $275,000 in savings.

What exactly does the Golden Visa entail?

The Golden Visa system essentially grants people who fall into the following categories long-term residency (5 to 10 years): investors, entrepreneurs, individuals with exceptional talents such as researchers, medical professionals, and those in the scientific and knowledge fields, and exceptional students.

Dubai's General Directorate of Residency and Foreigners Affairs (GDRFA) has started implementing the previously announced 24-hour "You are Special" programme. Golden Visa holders, among others, will benefit from the programme.

The greatest advantage would most likely be security; by issuing the Golden Visa, the UAE government has demonstrated its commitment to offering expats, investors, and virtually anyone wishing to make the UAE their home with an additional reason to feel comfortable about their future.

Read More: Everything you need to know about Dubai Investor Visa

What is Golden Visa in United Arab Emirates?

What is the Thrive in Abu Dhabi initiative, and what does it entail?

The Thrive in Abu Dhabi initiative is a long-term visa citizenship programme aimed at attracting foreign professionals, students, and investors to call Abu Dhabi home.

In order to help Abu Dhabi achieve its long-term development goals, the programme may give UAE citizenship to talented expatriates who can contribute to vital industries like research and development, healthcare, and education. For individuals looking to settle down with their families, the government of Abu Dhabi guarantees a welcoming and supportive atmosphere.

With its various top museums, art galleries, musical recitals and concerts, as well as a vibrant artistic community, Abu Dhabi has long been considered as a cultural and creative centre in the UAE. The Louvre Abu Dhabi, Manarat Al Saadiyat, Warehouse241, Abu Dhabi Art yearly fair, Qasr Al Hosn and Cultural Foundation, and the much-anticipated Zayed National Museum and Guggenheim are among the most renowned institutions.

With its various top museums, art galleries, musical recitals and concerts, as well as a vibrant artistic community, Abu Dhabi has long been considered as a cultural and creative centre in the UAE. The Louvre Abu Dhabi, Manarat Al Saadiyat, Warehouse241, Abu Dhabi Art yearly fair, Qasr Al Hosn and Cultural Foundation, and the much-anticipated Zayed National Museum and Guggenheim are among the most renowned institutions.

How can I apply for a Golden Visa in the United Arab Emirates?

If you want to apply for a UAE golden visa, you must take the following steps:

Step 1: Begin by submitting an application for a nomination. Within 30 days, an approved government authority will assess your application. After that, you will receive an email informing you of the outcome.

Step 2: Once your nomination has been approved, you will receive an email with a link to upload the necessary visa documents.

Step 3: The Federal Authority for Identity and Citizenship will verify your application. The Golden visa will thereafter be provided to you.

What impact will the UAE's gold card visa and related changes in company ownership laws have on the country?

With the country's massive changes in immigration and company ownership restrictions, it's critical to keep an eye on how the property market may develop.

The UAE's dynamics may change.

The 10-year and/or 5-year golden residency permits would drastically change the impression of the UAE as a short-term destination for foreigners. The population as a whole may begin to appear less transitory. As a result, there may be even more interest in learning the local language and assimilating into the UAE culture.

Conclusion

People in the future will consider the UAE as their home, rather than merely a temporary place to live and work, thanks to the new ruling. More people will consider their housing options, and the golden UAE visas, in my opinion, will encourage ordinary tenants to invest and become homeowners. This market is enormous, and if it can be accessed, it will provide a much-needed boost to the housing market in general.

The option to own 100 percent of a firm in the UAE is a huge selling point for entrepreneurs. It will surely attract more businesses if they do not have to pay sponsor fees or give some of the earnings away.”

If you meet all of the eligibility conditions and want to apply for a Golden Visa in Dubai, we recommend contacting Dhanguard's Expert Advisors. They will educate, assist, and guide you through the process of applying for a golden visa. All you have to do is get in touch with us, set up a consultation, and we'll take care of the rest.

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